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52. During a move to a new location, the inventory records of 98 Degrees were misplaced. The bookkeeper has been able to gather some data for the July purchases:             Units  - Unit cost  - Total cost July 5 = 10,000 - 65 - 650,000 10 = 12,000 - 70 - 840,000 15 = 15,000 - 60 -  900,000 25 = 14,000 -  55 - 770,000 On July 31, 17,000 units were on hand. The sales for July amounted to P6,000,000 or 60,000 units at P100 per unit. The entity always used a perpetual FIFO inventory costing system. Gross profit on sales for July was P2,400,000. What was the cost of the inventory on July 31?

52. During a move to a new location, the inventory records of 98 Degrees were misplaced. The bookkeeper has been able to gather some data for the July purchases:             Units  - Unit cost  - Total cost July 5 = 10,000 - 65 - 650,000 10 = 12,000 - 70 - 840,000 15 = 15,000 - 60 -  900,000 25 = 14,000 -  55 - 770,000 On July 31, 17,000 units were on hand. The sales for July amounted to P6,000,000 or 60,000 units at P100 per unit. The entity always used a perpetual FIFO inventory costing system. Gross profit on sales for July was P2,400,000. What was the cost of the inventory on July 31?

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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52. During a move to a new location, the inventory records of 98 Degrees were misplaced. The bookkeeper has been able to gather some data for the July purchases:

            Units  - Unit cost  - Total cost

July 5 = 10,000 - 65 - 650,000

10 = 12,000 - 70 - 840,000

15 = 15,000 - 60 -  900,000

25 = 14,000 -  55 - 770,000

On July 31, 17,000 units were on hand. The sales for July amounted to P6,000,000 or 60,000 units at P100 per unit. The entity always used a perpetual FIFO inventory costing system. Gross profit on sales for July was P2,400,000. What was the cost of the inventory on July 31?

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